Australian Government Agency calling blockchain “Top of a hype cycle”

The Australian government agency appears unsatisfied with blockchain’s current capabilities after it was given 700 thousand dollars in budget funding to investigate the technology.

“Blockchain is an interesting technology that would well worth being observed but without standardisation and a lot of work to come — for every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardised API engagement,” Digital Transformation Agency chief digital officer Peter Alexander said.

“Blockchain: Interesting technology but early on in its development, it’s kind of at the top of a hype cycle.”

He added:

“We’re not saying that blockchain doesn’t have potential but today, without standardisation, there is the challenge of blockchain becoming a little fragmented. When we get to the standardised blockchain then the opportunities for it will grow.”

Some other government agencies in Australia had also been studying cases that use blockchain.

For example, Australia’s Department of Home Affairs plans to investigate blockchains potential about secure and transparent international trade and supply chain management.
The department is hoping to modernize international trade management in the country and is pushing for a pan-governmental framework for emerging technologies, including blockchain, AI and the internet of things, to provide real-time intelligence on the country’s supply chain activities.

Australia’s federal science agency is working with one of the “Big Four” commercial banks in the country to test a blockchain application aimed to make it easier for citizens with disabilities to settle insurance payments. The goal is to introduce a blockchain token coded with smart contracts to the country’s National Disability Insurance Scheme (NDIS) so that participants and service providers can execute payments based on pre-defined conditions, such as who can spend certain funds by what deadline.

Australia’s New South Wales (NSW) government is turning to blockchain for a state-wide test of its driver license digitization program and plans to put all property transactions into the digital realm.

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